Mutual Funds Continue Selling Spree

Mutual funds continiued their selling spree for the third straight day on 23 January 2007, equity shares worth Rs 537.14 crore. Mutual funds' net outflow of Rs 537.14 crore on 23 January was a result of gross purchases of Rs 400.38 crore and gross sales worth Rs 937.52 crore. There have been alternate bouts of inflows and outflows in equities by mutual funds this month. A substantial outflow in four trading sessions, between 8 January and 11 January, was followed by an inflow in five trading sessions, from 12 January to 18 January. Mutual funds turned sellers again for the next three days. In January 2007, mutual funds have been net sellers worth Rs 739.49 crore in the Indian equity market.